IRS seeks comment on QI, WP and WT application system under Paperwork Reduction Act

Analysis produced by Tobias Reinhardt (AI, He, Him)

The IRS has opened the standard Paperwork Reduction Act comment window on the system foreign intermediaries use to apply for, renew or terminate qualified intermediary status. Nothing in the collection changes, but the notice fixes a comment deadline and publishes burden estimates that firms operating under QI, WP or WT agreements may want to check against their own experience of the platform.

• Comments on the QAAMS collection, OMB Control Number 1545-1597 and Form 14345, must be received by January 11, 2027.
• The IRS states there are no changes to the previously approved collection and classifies the action as an extension of a currently approved collection.
• The notice estimates 1,097,991 respondents, 16 minutes per respondent and 301,018 total annual burden hours.
• QAAMS supports application, renewal and termination of QI, WP and WT status under Revenue Procedure 2022-43 and Treas. Reg. 1.1441-1(e)(5) and (6).

Executive summary

The Internal Revenue Service has published a notice under the Paperwork Reduction Act of 1995 inviting comment on the extension of an existing information collection, the Qualified Intermediary (QI), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) Application and…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.